3.1 The Parties have each agreed that this HOA is legally binding on all Parties and the purpose of the Parties entering into this HOA is to record the salient terms of the Proposals which shall be incorporated into the SSA (as defined below) and such other documents to be executed between the Vendors and ALB upon such other terms and conditions to be mutually agreed between the Parties.
3.1 The Parties have each agreed that this HOA is legally binding on all Parties and the purpose of the Parties entering into this HOA is to record the salient terms of the Proposals which shall be incorporated into the SSA (as defined below) and such other documents to be executed between the Vendors and ALB upon such other terms and conditions to be mutually agreed between the Parties.
UPON SUCH OTHER TERMS AND CONDITIONS TO BE MUTUALLY AGREED BETWEEN THE PARTIES.
HOA legally binding, only if OTHER TERMS AND CONDITIONS are mutually agreed between all parties.
.....Going back to the S5-Ancom Logistics deal, both parties merely announced a heads of agreement (HoA), which means there is no uncertainty that a deal will be struck.
Even so, the market reaction was a five-fold rise in the value of the target.
It should be noted that in the S5-Ancom Logistics deal, the former does not own any shares in the latter yet.
Hence the share price spike, in theory, does not benefit S5’s shareholders. In fact, it puts them in a more difficult position considering that the value of Ancom Logistics’ shares have risen a lot.
RTO and NIIS are the catalyst of this share. Depend on ur strategy to buy now or wait for the certainty. There are pros and cons i.e. if materialise, the one who hold gain a lot but it can happen otherwise. Use your experience and judgement
THE National Integrated Immigration System (NIIS) concession is expected to be awarded during the first week of Aug barring any last-minute changes, people familiar with the matter tell FocusM.
But concerns of political interference loom over the border security control project.
At RM1.2 bil, NIIS is possibly the largest public project this year. It is also highly complicated, requiring different modules as to the monitoring of foreigners in and out of the country.
To be sure, this is a steep discount to the initial RM3.5 bil price tag for NIIS’ predecessor, Sistem Kawalan Imigresen Nasional (SKIN), which was directly awarded to Prestariang Bhd.
SKIN would be cancelled under the Pakatan Harapan government as part of its review of mega-projects. Prime Minister Muhyiddin Yassin was then home minister and he called for a request for proposal (RFP).
But intense lobbying from certain participants, with some even pledging a portion of their annual revenue, as well as political pressure have been some of the issues insiders have raised as the race to bag the lucrative concession heats up.
“All we want is for the tender to be awarded to the company that scored the best in both financial and technical evaluations,” a source said.
If politics takes centre stage, Malaysians will witness more taxes wasted. The current Malaysian Integrated Immigration System (myIMMs) operated by listed company Heitech Padu Bhd, which also received the concession through direct negotiation, had been a drag to public coffers.
Close to RM600 mil had been spent on myIMMs since Heitech was awarded the project in 2010. The various Auditor-General’s Reports is a good reference on how unstable the programme is, leading to multiple incidents of sabotage and shutdowns.
Naturally, this means the Immigration Department could not account for the hundreds of thousands of foreigners who have entered the country. According to the AG’s Report 2018 Series 3, myIMMs could not account for 198,479 foreigners who entered the country through various long-term immigration passes as at April this year.
Since not only taxpayers’ money but also national security is at stake, participating companies would have to ensure two things: there are no cost overruns and that the system is stable and functional.
Here are the profiles of the six NIIS frontrunners:
Dagang Net Technologies Sdn Bhd
As its name suggests, this is a wholly owned unit of listed company Dagang Nexchange Bhd. It was incorporated on Jan 18, 1989, with a paid-up capital of RM50.17 mil.
Dagang Net’s flagship is the National Single Window for Trade Facilitation (NSW), a public project of which it had been the concessionaire since 2009.
In a nutshell, the NSW is a platform that connects traders with the Customs Department and relevant agencies for import and export document processing.
Dagang Net recently received an extension of the contract for two years from Sept 1, 2019, to Aug 31, 2021.
Over its last five financial years, from 2014 to 2018, Dagang Net has been posting net profits of RM17.94 mil, RM20.61 mil, RM33.07 mil, RM32.09 mil, RM27.68 mil respectively.
Its directors are Samsul Husin, Osman Percy King Jones @ Abu Bakar, Abdul Khalil Abdullah, Mohamed Hazli Mohamed Hussain, and Md Saffi Nadzir.
Aside from Dagang Net, other DNex subsidiaries include DNex Solutions Sdn Bhd, a system integrator that has implemented projects worth RM2 bil for the Ministry of Education.
Also, Innovation Associates Consulting Sdn Bhd (IAC) which is the concessionaire of the Government Financial Management and Accounting System (GF-MAS). It’ is understood that IAC also threw a bid for the NIIS.
Mindmatics Sdn Bhd
A closely held corporation, Mindmatics brands itself a “boutique information technology house.” It was incorporated in 2001 with a paid-up capital of RM5 mil.
The company has been posting profits over the last five financial years (2012-2017) of RM35,055, RM656, 351, RM537,297, RM7.89 mil and RM30.33 mil respectively.
According to company filings, the company’s directors are Abdul Wahab Sulaiman and Asfazura Mohd Dhany. Both are 50:50 shareholders.
Mindmatics’ core businesses revolve around providing integrated IT solutions across different segments such as command centre management and cybersecurity.
Infomina Sdn Bhd
Infomina was incorporated on June 11, 2007, with a paid-up capital of RM5 mil. The company provides maintenance and support services for various IT segments.
On Infomina’s official website, among the services the company provides are surveillance, perimeter detection and green energy.
The company has been posting a net profit across its latest five financial years, from 2015 to 2019, of RM377,803, RM284,915, RM804,315, RM1.14 mil and RM3.6 mil respectively.
Infomina’s directors are Mohd Hoshairy Alias, Nasimah Mohd Zain, Lim Leong Ping @ Raymond Lim and Yee Chee Meng. The company’s directors double up as shareholders with Nasimah and Hoshairy with a 30% stake each,
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Posted by mf > 2020-07-24 16:25 |
Post removed.Why?